Transocean (NYSE:RIG) PT Set at $8.00 by Piper Jaffray Companies

Transocean (NYSE:RIG) received a $8.00 price target from equities researchers at Piper Jaffray Companies in a research note issued on Wednesday, TipRanks reports. The brokerage presently has a “hold” rating on the offshore drilling services provider’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 51.52% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. Royal Bank of Canada set a $17.00 target price on shares of Transocean and gave the company a “buy” rating in a research report on Wednesday. Citigroup downgraded shares of Transocean from a “buy” rating to a “neutral” rating and set a $7.00 target price on the stock. in a research report on Friday, June 14th. Morgan Stanley set a $10.00 target price on shares of Transocean and gave the company a “buy” rating in a research report on Monday, July 15th. ValuEngine raised shares of Transocean from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Bank of America started coverage on shares of Transocean in a research report on Monday, June 10th. They issued a “neutral” rating and a $6.50 target price on the stock. Four analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $12.16.

Shares of NYSE RIG traded down $0.46 during mid-day trading on Wednesday, reaching $5.28. The company had a trading volume of 28,712,757 shares, compared to its average volume of 14,810,887. The company has a current ratio of 2.88, a quick ratio of 2.37 and a debt-to-equity ratio of 0.74. The stock has a 50 day simple moving average of $6.02. The stock has a market cap of $3.23 billion, a PE ratio of -6.68 and a beta of 1.77. Transocean has a 52-week low of $5.16 and a 52-week high of $14.47.

Transocean (NYSE:RIG) last posted its earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.34). The firm had revenue of $758.00 million for the quarter, compared to the consensus estimate of $765.81 million. Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The company’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the firm posted ($0.04) EPS. Research analysts predict that Transocean will post -0.99 earnings per share for the current fiscal year.

In other Transocean news, CAO Howard E. Davis purchased 98,049 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average price of $6.35 per share, for a total transaction of $622,611.15. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Vanessa C. L. Chang purchased 4,300 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average price of $5.92 per share, with a total value of $25,456.00. Following the purchase, the director now owns 14,000 shares in the company, valued at $82,880. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 112,349 shares of company stock valued at $721,567. 11.05% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in shares of Transocean by 1.9% in the 4th quarter. Nordea Investment Management AB now owns 94,800 shares of the offshore drilling services provider’s stock worth $658,000 after acquiring an additional 1,800 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Transocean by 4.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,155 shares of the offshore drilling services provider’s stock valued at $533,000 after acquiring an additional 2,653 shares in the last quarter. Oakbrook Investments LLC purchased a new stake in shares of Transocean during the first quarter worth about $451,000. Integrated Investment Consultants LLC purchased a new stake in shares of Transocean during the first quarter worth about $96,000. Finally, Mizuho Securities USA LLC purchased a new stake in shares of Transocean during the first quarter worth about $1,611,000. Institutional investors own 70.92% of the company’s stock.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Analyst Recommendations for Transocean (NYSE:RIG)

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